Middle East: The Next Renewable Energy Frontier?

 From: GreenTech Media - October 29, 2008

Read Full Article: Greentech Media | Is the Middle East the Next Renewable Energy Frontier?

Oil-rich nations are showing a growing interest in renewable-energy developments and backing it up with investments. There's no question the Middle East is a world energy leader today, with more than half of the world's oil reserves and some 36 percent of the world's natural-gas reserves.

Now it looks like the region also could become a leader in renewable energy. The Middle East has displayed a growing interest in investing in renewable-energy projects. And new policies could make the sun-baked region an attractive greentech market, according to Piper Jaffray analysts, who are visiting the Middle East this week as part of a trade mission with the U.S. Departments of Energy and Commerce.

In a research note Tuesday, Piper Jaffray analyst Jesse Pichel wrote that he believes the region's demand for energy "far exceeds" what it can generate from natural-gas plants, based on meetings with government officials and companies in Egypt. The country ratified the Kyoto Protocol and has a set goal of generating 20 percent of its electrical power from renewable sources by 2020.